Costly roof assessment result of not funding reserves
Q: My condominium association has no reserve funds for our roof. Every year at the annual meeting, the board asks the owners to waive the reserve funding and every year the owners vote to waive the reserves. Now we need a new roof for the building and the board is telling the owners that there will be a special assessment of over $5,000 per unit. Can the board just levy such a large special assessment without the owners voting on it? Read the Q&A…………..